- Galxe unveiled Grevm 1.0, its EVM upgrade to the Gravity blockchain
- They have also created a $50M fund to incentivize development in the ecosystem
- They expect their Gravity SDK to one day be 10-100 times better than the Cosmos SDK
- Their ambition is to make it easier for companies, developers, and users to enter Web3
Web3 identity and rewards platform Galxe has taken a big step in simplifying entry for companies, developers, and users. They made its EVM upgrade to the Gravity blockchain, an L1 EVM-compliant network, and announced the launch of Grevm 1.0, a Revm-based parallel EVM written in open-source Rust.
They also unveiled a $50M fund to attract developers and incentivize ecosystem development, aiming to provide companies with a vibrant and sustainable platform with 1 million daily active users.
More About the Galxe Initiative
Galxe is a Web3 platform for identity and rewards that is making important technical developments that could potentially make a big difference to the entire blockchain infrastructure.
Back in 2022, Galxe raised $10M in a round with Multicoin Capital and Dragonfly Capital and launched Alpha Mainnet of Gravity with Passport, Quest, Compass, and the platform’s proprietary identity protocol, onchain.
Development continues and Galxe is looking to expand the ecosystem by improving and extending functionality, its main difference is that it remains compatible with the Ethereum EVM, but has a parallel EVM based on Revm and uses Reth as the execution layer and Jolteon (AptosBFT) as the consensus algorithm.
Their Gravity and Grevm 1.0, suggest that it will make it much easier for everyone from companies and developers to end users to enter Web3, for which they have also raised a $50M fund backed by HashKey Capital, DAO5, Lattice, and Spartan Group.
Galxe co-founder Charles Wayn said:
“We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity.”
He also added:
“We wanted to start to build out the ecosystem and allow more developers to come over and build here. The advantage of building on Gravity is that you get instant access to the 1 million daily active users of Galxe.”
Galxe is focusing on the development process and incentivizing developers, offering its Gravity SDK, which the founder believes will one day be “10-100 times better” than the Cosmos SDK, as well as offering another $5 million in developer grants for the web.
While Galxe is largely centralized and has relied on automated systems for clients and third-party projects, the company aims to provide the efficient decentralization that is a key aspect of Web3:
“It’s not just Galxe who needs the chain, but it’s also for the projects and brands that use our platform. Whoever builds and grows their applications on Galxe also wants to have decentralized infrastructure that can sustain their own traffic without relying solely on us”
The full launch of Gravity Mainnet is currently scheduled for the second quarter of 2025, so we’ll be watching closely for further developments.
Conclusion
This could be the beginning of great work and a strong incentive to join it because usually developers who consider Rust a more reliable and efficient tool for creating Web3 platforms and applications have to choose Solana.
If Galxe does the right thing, the choices may not be so limited, the gap between Web3 networks could continue to narrow, and the young industry may become more stable and standardized.
Stay tuned.
